Top Builders makes fresh appeal against decision to delist company

• The Practice Note 17 (PN17) company said this in a bourse filing on Friday, two days after Bursa Securities rejected its earlier appeal against the proposed delisting and its request for an extension of time to submit its regularisation plan.

KUALA LUMPUR (Sept 1): Top Builders Capital Bhd is making another appeal to Bursa Malaysia Securities against the decision to delist the company’s shares from the stock exchange.

The Practice Note 17 (PN17) company said this in a bourse filing on Friday, two days after Bursa Securities rejected its earlier appeal against the proposed delisting and its request for an extension of time to submit its regularisation plan.

In rejecting the appeal, Bursa Securities informed the company that it will proceed to delist the company’s shares on Sept 4.

“In that circumstances, the securities of the company will be removed from the Official List of Bursa Securities upon the expiry of two market days from Sept 4,” the company had said on Wednesday (Aug 30).

The counter was previously suspended from trading on Nov 8, 2022. Top Builders fell into PN17 status in January 2022, after its external auditor KPMG PLT expressed doubts on the company’s ability to continue as a going concern, as its current liabilities exceeded its current assets by RM21.6 million. At the time, the company’s equity on a consolidated basis was less than 25% of its share capital.

Trading of the company’s shares briefly continued for three days from Aug 1 to Aug 3, after the company submitted all of its outstanding financial reports to Bursa Malaysia.

However, Top Builders’ shares were suspended again, as the company had failed to submit its regularisation plan to the Securities Commission Malaysia or Bursa Securities for approval within the extended timeframe of June 29 this year.

The stock last traded at half a sen on Aug 3, giving the company a market capitalisation of RM3.5 million.

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